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Breakout + Spread!! Sure!!!

  • #481
  • Sep 1, 2007 12:38pm Sep 1, 2007 12:38pm
Also For those who like to see the prices of High and Low , It is possible with this indicators , but you have to select "Show Object Description" in

Right Click on the chart you desire.
-> Select Properties --> in Properties Box , Select Common Tab
-- > Select " Show Object Description"

Like Following Picture
Attached Image (click to enlarge)
Click to Enlarge Name: Object Description.JPG Size: 115 KB
Imagination is more important than knowledge. -- Albert Einstein
  • #482
  • Sep 1, 2007 2:47pm Sep 1, 2007 2:47pm
Quoting gunset
I'm so sorry, I'm soo stupid, I know It's been asked most time, but it still confuse me. could some one tell me the correct time to capture the box? I've read the entiry thread and still has no clue. too many conclusion.
my broker is northfinance the time is GMT+3, so I put the time to 7-10 (GMT+3) that would be 4-7(GMT) is that right? thanks for you all.
We follow London session which is, as i understand, GMT+1.......

If your broker is using GMT+1, Then there's nothing to change on the
default time (5:00 to 8:00).......

If your broker is North Finance which is GMT+3 then you have
to change the default time from 5 to 8 to 7:00 to 10:00......

Alpari is GMT+2, So it should be 6:00 to 09:00 in order to catch
the previous 3-hour bars.

Other: I understand the OPEN_FIBO should be loaded to the chart twice.
First set is TRUE on the UP parameter. 2nd set is FALSE..........

I'm sure there's still something not clear to me. Just my 2 cents.

Thanks.

Rene
  • #483
  • Sep 1, 2007 3:25pm Sep 1, 2007 3:25pm
Quoting eagle
ho seri problemi con l'adsl.
ok sto' finalizzando una strategia e la porto!
ok ottimo , cmq ho visto che sei già registrato
Ci vediamo di là

Skyline
  • #484
  • Sep 1, 2007 5:02pm Sep 1, 2007 5:02pm
more folks haven't discovered this indicator. Its exquisite in its simplicity. Everyone of my 4 demos using this indicator has netted pips in excess of 10 each.
The road to pipland is arduous and fraught with challenge.
  • #485
  • Edited Sep 2, 2007 10:06am Sep 1, 2007 7:54pm | Edited Sep 2, 2007 10:06am
February of this year to be exact... There was a nice thread started here at FF called Box Breakout indicator. There was much development of it and many varieties are available in this directory and this one also that are resource directories of the ForexFactory "London Calling" thread.

I've spent some time reading from the first post to #484 above. The funny thing is someone in the L.C. thread PM'd me months ago and said basicaly i should have named the thread "10 pips a day guranteed" or similar and the masses would have come. LOL. Way to funny looking at what has taken place here.

OK, my 2 pips worth. TraderSeven brought up a good point when he mentioned that waiting until 1 hour after session open might filter out some false moves, this is what my live account testing has also shown me. I will state right here that i quit trading the L.O. last May as it was taking time away from family (i'm in Oregon USA), but knew enough in testing to believe that a heavy amount of discretion (for me anyway) is needed to make this a profitable trading model. If i stopped my box at 1 hour BEFORE the L.O. i lost miserable due to many "German Headfakes" as we used to call them. If i stopped the box right at open i would get some good gains, but needed to often close the trade before the London morning news. IF i waited for the box to close at 08:59 London and waited for a breakout of that are over the course of the trading day, most likely i would gain those 10 pips (actualy i let it run and set it to break even once things had gone past 20 pips setting it to BE+5).

Also, and this is a quick post script edit/comment. There are some posts of mine that mention what we used to call here on the west cost "The Midnight Express". This was simply taking note of the 00:30 (Twelve Thirty West Coast Time) candle which corresponded to the 08:30 candle in London and taking the direction of the candle. I found that taking the candle that began and 08:30 and ended at 08:59 was often a better judge of the session's direction.

Some rambles and food for thought.

It always pleases me to see an old idea come to light and create excitement. I hope you have many pips in the bank as you experiment with this simple idea.

Cheers,
Thom
  • #486
  • Sep 1, 2007 11:53pm Sep 1, 2007 11:53pm
for the tips mate. I'm a newbie and anything that focusses me into the market and adds to my knowledge of its finer points is awesome. I like this particular indicator as one of a package of tools I am developing to stay in the market for as long as I can without getting square eyes. This one gives me a point of reference as each of the FX the zones gets underway each day....being a newbie, that was something of an issue for me. FF is pretty cool as forums go, very helpful.
The road to pipland is arduous and fraught with challenge.
  • #487
  • Sep 2, 2007 4:48am Sep 2, 2007 4:48am
Quoting traider
more folks haven't discovered this indicator. Its exquisite in its simplicity. Everyone of my 4 demos using this indicator has netted pips in excess of 10 each.




Visita la nuova comunità italiana sul Forex -> www.forexpertutti.it
  • #488
  • Sep 2, 2007 8:39am Sep 2, 2007 8:39am

Quote
February of this year to be exact... There was a nice thread started here at FF called

Quote
Box Breakout indicator. There was much development of it and many varieties are available in this directory and this one also that are resource directories of the ForexFactory "London Calling" thread.


Thanks for those links Thom. I'm going to look if they contain some idea's that a useful for Eagle.

Quote
OK, my 2 pips worth. TraderSeven brought up a good point when he mentioned that waiting until 1 hour after session open might filter out some false moves, this is what my live account testing has also shown me. I will state right here that i quit trading the L.O. last May as it was taking time away from family (i'm in Oregon USA), but knew enough in testing to believe that a heavy amount of discretion (for me anyway) is needed to make this a profitable trading model.
Are you referring to LO/Eagle or just any 'morning breakout system'?




Quote
If i stopped my box at 1 hour BEFORE the L.O. i lost miserable due to many "German Headfakes" as we used to call them. If i stopped the box right at open i would get some good gains, but needed to often close the trade quickly before the London news at 08:30 London time. IF i waited for the box to close at 08:59 London and waited for a breakout of that are over the course of the trading day, most likely i would gain those 10 pips (actualy i let it run and set it to break even once things had gone past 20 pips setting it to BE+5).
I think I found even better times.
Draw a red box at 23:00-03:00 GMT
That box setup filters out a lot of fake breakouts that only last 4 pips and then take out your stops.

It not only reduces the false spikes but also sets you up for a better starting point that very often reaches between 30 and 50 pips.
And that suits me better. I really like Eagle. 10 pips a day for sure is great too. But when taking everything into account risk, spread, slippage, losers, etc
for me personally its RR is to low. With a higher target things get much better.
Ideas that still follow the Eagle indicator.
The biggest problem is filtering the fakes and letting the winners run.

If you look at a H1 chart and the candle that breaks the 30 pip target is >25 pips then there is a good chance for grabbing 50 pips.


Quote
Also, and this is a quick post script edit/comment. There are some posts of mine that mention what we used to call here on the west cost "The Midnight Express". This was simply taking note of the 00:30 (Twelve Thirty West Coast Time) candle which corresponded to the 08:30 candle in London and taking the direction of the candle. I found that taking the candle that began and 08:30 and ended at 08:59 was often a better judge of the session's direction.

Only take trades in the direction of that candle.... Another thing to look at


Well that's enough for one post.
Now I'll just wait and see if this thread gets up to steam again.
Lets make Eagle fly!
May the pips be with you.
  • #489
  • Sep 2, 2007 10:29am Sep 2, 2007 10:29am
Thanks for the cooments TS.
Quoting TraderSeven
Are you referring to LO/Eagle or just any 'morning breakout system'?.
This was specificaly what a group of us found when trading a similar morning breakout model during the summer of 2005 through fall of that year.
Quoting TraderSeven

I think I found even better times.
Draw a red box at 23:00-03:00 GMT


That box setup filters out a lot of fake breakouts that only last 4 pips and then take out your stops.

I've seen on session-open B.O. model that waited even longer than the 03:00 GMT and were gaining some nice trades.




Here is the position (pun intended) that i take on breakouts, and this would include (for myself) B.O.s in any of their various forms such as Carter's "Box Play", the "Midnite Express", or the lot (LOL more pun fotter) of them: As our fellow trader mbqp11 says "Be vewwwy quiet. I'm hunting stops." In general, its dangerous out there in the market to start with, and basing a model on a supposed breakout, and then adding to that (for some B.O. models) a very low pip target OR low RR may prove to be futile in the long term.

In several of Eagle's posts he does mention moving his stops and letting it run, and i believe i saw at least a handful of reported pip gains that were in excess of 20 or so pips each. And THAT in my opinion is a good thing, and something that should be further researched.


Back to Eagle. May it bring in some simple & consistent pips for you.


: ) Thom


  • #490
  • Sep 3, 2007 2:02am Sep 3, 2007 2:02am
Apologies for sounding stupid if I do but do you configure the red box to commence at 23, cross the midnight line and run up to 3 AM GMT. Could you elaborate please. I'ld be much obliged mate.
The road to pipland is arduous and fraught with challenge.
  • #491
  • Sep 3, 2007 5:04pm Sep 3, 2007 5:04pm
Dear fellows,
I just want to know, did anybody just put a buy/sell stop order with TP+10 or manually put the order and watch the CCI indicator? Is it really works?? thanks...
  • #492
  • Sep 3, 2007 5:38pm Sep 3, 2007 5:38pm
Quoting gunset
Dear fellows,
I just want to know, did anybody just put a buy/sell stop order with TP+10 or manually put the order and watch the CCI indicator? Is it really works?? thanks...

Did the latter 4 times, watched my indicators and hey presto...it worked!

Now I don't believe there are any guarantees in life cept death and taxes but this baby is worth watching.
The road to pipland is arduous and fraught with challenge.
  • #493
  • Sep 4, 2007 1:10am Sep 4, 2007 1:10am
Quoting accrete
If i stopped my box at 1 hour BEFORE the L.O. i lost miserable due to many "German Headfakes" as we used to call them. If i stopped the box right at open i would get some good gains, but needed to often close the trade before the London morning news. IF i waited for the box to close at 08:59 London and waited for a breakout of that are over the course of the trading day, most likely i would gain those 10 pips (actualy i let it run and set it to break even once things had gone past 20 pips setting it to BE+5).
Have you ever tried to stop the box 1 hour before LO and then ignore all action for an hour to avoid the headfakes? That way you have the box you want without being faked.
May the pips be with you.
  • #494
  • Sep 4, 2007 4:12pm Sep 4, 2007 4:12pm
Hi,

Had anyone posted a fully functional EA for this system that can be used
in a live account ?

Thx.
  • #495
  • Sep 5, 2007 3:18am Sep 5, 2007 3:18am
Quoting rtrevino
Hi,

Had anyone posted a fully functional EA for this system that can be used
in a live account ?

Thx.
You may check Post #173 of this thread. But I am of the view that the EA needs further fine tuning.
  • #496
  • Sep 5, 2007 10:24am Sep 5, 2007 10:24am
Hey everybody. I have been following this thread since the beginning and I know people have different views on this but I was wondering what SL do you tend to use with this system. I know some people are running it without a stop loss and some people are using 15 pips. Could someone clarify this matter please. Thanks and God Bless.
Live today as if you will stand before God tomorrow.
  • #497
  • Edited 1:05pm Sep 8, 2007 11:15am | Edited 1:05pm
Quoting spiritbreezer
I use these. I break the different time frame into segments. I'll take the open of that time frame, meaning that with the period seperators vertical lines on, I take it from the open of the new period.

So only a weekly time frame, I use the open of the new year. I'll draw a horizontal line, then lines above and below at 360 pip intervals. Using your fibo channel tool it's easier.

I then take the daily time frame, and draw a horizontal line on the open of the new month, then again pips above and below at 180 pip intervals.

Then on the 4hr time frame, again horizontal line at weekly open and horizontal lines 50 pip intervals up and down.

I will also only use one fib retracement, and that is from the high to low of last week. Or low to high depending on which way the trend went.

Picture 090 will get explained n next post.
Hi,

Can anyone please explain or guide me how to draw the lines explained in red in the above post (Post No. 316) ?. I tried the fibo drawing tool in MT4 but it does not draw lines where we can specify 360 or 180 or 50 pips interval.
Thanks,
TS
  • #498
  • Sep 11, 2007 1:26am Sep 11, 2007 1:26am
can you guys give me an idea of what S/L you are all using? i am finding that 15 pip s/l is hit quite a bit. If I have a higher s/l than a t/p, that might lead to an unbalanced system tilted towards the losing side.

thanks.
  • #499
  • Edited 2:42am Sep 11, 2007 2:40am | Edited 2:42am
All of my trades were GBP using this indicator. I do not trade blindly everyday. You have to analyze price and news. I use a stop loss of 50 pips. Only 1 time my stop loss got triggered. If price move in my direction for 25 pips, I use trailing stop 20 pips. Depending on situation, sometimes I just manually close trade if I will not be able to monitor in front of computer. If price movement is strong in my direction or news favor my trade, I let it run. Usual pips are 10 to 50 (less spread & commission) but highest I was able to close was 100+. At the moment, I wouldn't recommend using this indicator since the chance of losing is now high bec. GBP movement is like crazy.
  • #500
  • Sep 18, 2007 10:01pm Sep 18, 2007 10:01pm
For the last 3 trading days, this system is on a roll. Hope it will sustain its momentum like before . This is the most profitable system I have encountered used along with BAT.
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